CHL Mortgages, the intermediary only specialist buy-to-let lender, has reduced 2 and 5 year fixed rates products across its Core and Refurbishment BTL ranges and has reintroduced 75% LTV options on its 5-year fixed rate and 3-year tracker products.
The lender has also added further product fee options to the 5-year fixed product range, including a fixed fee of £1,999 (available to maximum loan sizes of £200,000) as well as 2%, 3%, 4% and 5% options to enhance its Core range (Individual, Limited companies/LLP, Small and Large HMO/MUFB and Short-Term-lets).
In addition, the lender has introduced 3-year tracker products across its Core range, with the 75% LTV option carrying a 2% product fee, with rates starting from 5.94% (BBR + 2.44%). 70% LTV products are offered with a 3% product fee, with rates starting from 5.53% (BBR+2.03%). Both products have ERC percentages of 3/2/1.
CHL Mortgages has also reduced rates on its Refurbishment product range (Cosmetic Improvement, Light Refurbishment, and EPC Improvement) by up to 0.15%. 2-year fixed rates in this range now start from 6.15% with an ERC percentage of 3/2, while the 5-year fixed rates now start from 6.18% with an ERC percentage of 5/4/3/2/1. All Refurbishment Range products are available up to 70% LTV with a 3% product fee.
For applications which include a combination of Additional-rate/Higher-rate/Basic-rate payers, the lender has also introduced a “blended ICR” approach to determine loan affordability based on each borrower’s tax status and their personal share of ownership/rent.
Ross Turrell, Commercial Director, CHL Mortgages, commented:
“As the money markets have stabilised, we have taken the opportunity to reduce our rates. The reduction in the 5-year fixed rate products which are stressed at pay rate should help our intermediary partners help generate a higher maximum advance for their landlord clients.”